Oil prices moved higher on Friday and are on track for their strongest weekly gains since mid-July as renewed tensions between the United States and Iran raised concerns about oil supplies from the Middle East.
Brent crude futures gained 15 cents, or 0.2%, to reach $95.67 per barrel, while U.S. West Texas Intermediate crude rose 26 cents, or 0.3%, to $91.56 per barrel.
For the week, Brent crude is up about 7.1%, while WTI has climbed nearly 9.8%. Both benchmarks are heading toward their biggest weekly increases since the week ending July 20.
The gains were driven by growing fears of supply disruptions after fighting between the United States and Iran intensified. The week saw some of the heaviest U.S. attacks since July, resulting in dozens of deaths and injuries, including Iranian civilians.
Adding to market concerns, Iran expanded its list of vessels it considers non-compliant. Ships on the list could face fines, seizure or detention if they attempt to pass through the Strait of Hormuz.
The Strait of Hormuz remains one of the world’s most important oil shipping routes, and any threat to traffic through the waterway can quickly impact global energy markets.
Iraqi vessels continue to be among the limited number of ships allowed by Tehran to pass through the strait. However, traders are closely watching developments in the region, as any further escalation could disrupt oil exports, tighten global supplies and push prices even higher.
With geopolitical tensions rising and uncertainty surrounding Middle East oil flows increasing, energy markets remain on alert for signs of further supply disruptions in the days ahead.
